The media magnate is understood to be preparing to hand over the chief executive’s role to his son James – who stood down from various roles in the UK media in the wake of the hacking scandal.
Murdoch senior will stay on as executive chairman of the business, meaning he has not yet relinquished his deision making power at the business. However, it will be seen as a sign that the 84-year-oldis edging towards a time when his children can takeover teh family business.
Another Murdoch son, Lachlan, is reportedly being appointed executive co-chairman.
Sources close to the family were reported to have said that the change in 21st Century Fox leadership is being openly discussed by the Murdochs.
Mr Murdoch remains the executive chairman of NewsCorp.